Emmanuel Ochayi
Nigeria’s equity market recorded a notable gain of 0.75 percent on Tuesday, driven by investor interest in major companies such as MTN Nigeria (MTNN), Chemical and Allied Products (CAP), and SCOA. This upward trend signals renewed confidence in the market despite mixed sentiments earlier.
MTNN Leads the Charge
MTN Nigeria saw a significant rise in its share price. “MTNN moved from N233 to N256.30, adding N23.30 or 10 percent,” stated a trader at the Nigerian Exchange Limited (NGX).
Join our WhatsApp ChannelThe telecom giant’s strong performance was attributed to a recent tariff hike, which bolstered investor confidence.
Other Gainers in the Equity Market
SCOA also experienced a notable increase. “SCOA rose from N2.72 to N2.99, adding 27 kobo or 9.93 percent,” confirmed another market participant.
READ ALSO: Nigeria’s Equity Market Sees Decline As Investors Lose N931bn
Similarly, CAP enjoyed a positive day, moving from N44 to N47.75. “CAP added N3.75 or 8.52 percent, which is a clear indication of investor optimism,” said a market analyst.
Overall Market Performance
The NGX All-Share Index (ASI) climbed from 102,370.36 points to 103,137.99 points. Market Capitalisation rose from N62.861 trillion to N63.332 trillion.
According to Vetiva Research, this increase was anticipated. “We mentioned earlier this week that despite mixed sentiments, we expected bargain hunting in large-cap stocks,” explained a Vetiva analyst.
Trading Volume and Active Stocks
Investors were active, with 440,324,023 shares worth N11.970 billion exchanged in 13,087 deals. “We saw significant activity in stocks like Lasaco, Access Holdings, UBA, Zenith Bank, and Universal Insurance,” noted a broker.
Looking Ahead
Market watchers are optimistic about continued gains. “With the current momentum, we believe the equity market could see further growth as investors look for opportunities in undervalued stocks,” said the analyst from Vetiva.
This strong performance in Nigeria’s equity market highlights the resilience of major players and the strategic moves by investors to capitalize on emerging opportunities.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
